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Post: Digital Currency Group Objects to Genesis’ Bankruptcy Plan, Citing Violation of Bankruptcy Code

Digital Currency Group Objects to Genesis’ Bankruptcy Plan, Citing Violation of Bankruptcy Code

Key Points:

  • Digital Currency Group (DCG), the parent company of bankrupt crypto lender Genesis Capital, has objected to Genesis’ bankruptcy plan.
  • DCG argues that the proposed plan violates the Bankruptcy Code by paying creditors more than they are legally entitled to receive.
  • DCG states that it would support a plan that pays creditors the full amount they are owed, but Genesis has not proposed such a plan.

Elaborate With Insight:

DCG has filed a motion in objection to Genesis’ bankruptcy plan, citing concerns that the proposed plan violates the Bankruptcy Code. According to DCG, the plan would pay creditors more than they are legally entitled to receive, potentially exceeding the amount outlined in the bankruptcy petition. DCG emphasizes that it would support a plan that pays creditors the full amount they are owed, but Genesis has not put forth such a proposal.

Hot Take:

The objection raised by DCG highlights the complexities involved in bankruptcy proceedings within the cryptocurrency industry. As the industry continues to evolve, legal frameworks and regulations related to cryptocurrency bankruptcies may need to be further refined and clarified to ensure fair and equitable outcomes for all parties involved.

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